Santander edge

gordaf

Santander have launched two new current accounts. The edge account and the edge up account. Edge up requires 1500 a month deposit whereas edge only 500. Strangely they gave attached a new 4% savings account to edge but it is not available to edge up account holders. Santander Facebook account were not aware of this so even the bank is confused.

deinoflex

see -

https://forums.moneysavingexpert.com/discussion/6454221/santander-edge-up-launching-today/p1

eskbanker

gordaf said:

Strangely they gave attached a new 4% savings account to edge but it is not available to edge up account holders. Santander Facebook account were not aware of this so even the bank is confused.

Edge Up pays 3.5% AER directly on the current account itself (up to £25K), with Edge you have the option of opening a separate savings account paying the same rate (only up to £4K) but boosted by a temporary 0.5% bonus for 12 months....

gordaf

I'm aware of what you say but why are edge up customers excluded from opening the savings account?

eskbanker

gordaf said:

I'm aware of what you say but why are edge up customers excluded from opening the savings account?

As above, my interpretation is that they don't feel the need to offer a £4K savings account (available specifically as a top-up for a current account that pays no interest) when they're already paying interest on up to £25K in the Edge Up - you might find a better explanation somewhere within the Santander hierarchy but it's not the sort of question that you should expect their front line staff to have a clue about!

DougWeller

My wife and I have a 123 account. We each transfer 500 each every month and then move it back to our regular accounts. We also keep a minimum of £7000 in it. Do you think we can upgrade and still do that, of course we’d up the amount to 750.
Doug

eskbanker

DougWeller said:

My wife and I have a 123 account. We each transfer 500 each every month and then move it back to our regular accounts. We also keep a minimum of £7000 in it. Do you think we can upgrade and still do that, of course we’d up the amount to 750.
Doug

Their website highlights how to upgrade simply via online banking - there's no reason that I'm aware of why the transferring money in/out should have a different effect on the new account?

https://www.santander.co.uk/personal/current-accounts/santander-edge-up-current-account/transfer-santander-edge-up-current-account 
https://www.santander.co.uk/personal/current-accounts/santander-edge-current-account/transfer-santander-edge-current-account

talexuser

I worked out the difference of the cashback I get vs the £3 and £5 fee keeping 4k in the edge saver, compared to adding the 4k to the new up account for interest and it was not worth it if you have the edge saver.

MX5huggy

@DougWeller why are you keeping £7k in your 123 account? 

Still fairly sure Santander 123 Lite with Chase is a better combination than Edge. For me. 

where_are_we

Santander Lite123 is NLA.

David_Drummond

So I already have the 123 Lite account. Is it worth upgrading to the EDGE up? I more than meet the criteria of £1500 paid in each month. And I have my DD set up too.